BRICS Foreign Ministers reaffirm G20 as premier forum for international economic cooperation

Last Updated on June 12, 2024 3:55 pm

The Foreign Ministers of the BRICS nations reaffirmed the crucial role of G20 as the premier forum for international economic cooperation and said the grouping should continue to function in a productive manner.

Welcoming the inclusion of the African Union in G20 during the New Delhi Summit last year, the ministers said the G20 presidencies of India, Brazil, and South Africa lay a solid ground for addressing inequalities, imbalances, and shortcomings in the world economy.

Notably, India held the G20 presidency in 2023. Currently, the presidency lies with Brazil, following which it will go to South Africa in 2025.

The Foreign Ministers met at the BRICS Foreign Ministers’ Meeting in Russia’s Nizhny Novgorod on Monday.

Dammu Ravi, Secretary (Economic Relations), at the Ministry of External Affairs (MEA), led the Indian side at the meeting, in what was the first foreign assignment for India’s foreign policy under the historic third consecutive term of Prime Minister Narendra Modi.

“The Ministers reaffirmed the important role of the G20 as the premier forum for international economic cooperation that comprises both developed and developing countries on an equal and mutually beneficial footing where major economies jointly seek solutions to global challenges to the achievement of universally beneficial and inclusive global economic growth,” the joint statement of foreign minister’s meeting stated.

The foreign ministers expressed their firm view that the G20 should continue to function in a productive manner, focusing on the delivery of concrete outcomes, taking decisions by consensus.

They reiterated their commitment to a balanced approach by continuing to amplify and further enhance inclusiveness of the G20 process through the effective integration of the voice of the Global South in the G20 agenda. They welcomed and supported the inclusion of the African Union as a member of the G20 at the G20 New Delhi Summit.

“The Ministers reiterated that the consecutive G20 presidencies of India, Brazil and South Africa in 2023-2025 lay a solid ground for addressing inequalities, imbalances and shortcomings in the world economy, expressed support for continuity and collaboration in their G20 presidencies and wished them all success in their endeavours,” the statement added.

In this regard they endorsed the three priorities of Brazil as the G20 Presidency: fighting hunger, poverty and inequality; sustainable development in its three dimensions; and global governance reform, and looked forward to the successful hosting of the 19th G20 Summit under the Brazilian G20 Presidency. They reaffirmed their willingness to coordinate positions on the G20 agenda.

The Ministers noted the increasing relevance of the interface between sustainable development and global health issues while recognizing that international health cooperation shall be inclusive, based on equity, and result-oriented for the benefit of all people.

They further reaffirmed that the global health architecture should be open, inclusive, science-based, depoliticized, and based on the principles of equity and transparency, equality, and mutual respect, in line with the purposes and principles of the UN Charter, and with due respect to the sovereignty and interests of all countries.

They also supported enhancing BRICS coordination on global health.

The ministers recognized the importance of ensuring food security and nutrition and promoting rural development. They encouraged further cooperation in agriculture and food security.

“The Ministers expressed the intention to promote energy cooperation among the BRICS countries. They emphasized that guaranteeing universal access to affordable and reliable energy and ensuring energy security is a crucial foundation for economic development, social stability, national security, and the welfare of all nations worldwide,” the statement read.

This is the first meeting of foreign ministers since the expansion of BRICS in 2023. The 10 full members of the association include Brazil, Russia, India, China, and South Africa with new members Egypt, Iran, UAE, Saudi Arabia, and Ethiopia joining the grouping in 2023.

Russia took over the chairmanship of BRICS on January 1, 2024.

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